L Brands Reports March 2014 Sales

COLUMBUS, Ohio, April 10, 2014 /PRNewswire/ -- L Brands, Inc. (NYSE: LB) reported net sales increased 3% to $923.7 million for the five weeks ended April 5, 2014, compared to net sales of $894.8 million for the five weeks ended April 6, 2013. The company reported comparable store sales for the five weeks ended April 5, 2014 decreased 1%, in line with expectations, as the later Easter timing this year negatively impacted March comparable stores sales by 2 to 3 percentage points.

The company reported net sales of $1.674 billion for the nine weeks ended April 5, 2014, an increase of 4% compared to sales of $1.607 billion for the nine weeks ended April 6, 2013. The company reported flat comparable store sales for the nine weeks ended April 5, 2014, compared to the nine weeks ended April 6, 2013.

To hear further commentary provided on L Brands' prerecorded March sales message, call 1-866-639-7583 (1-866-NEWS-LTD), or log onto www.LB.com for an audio replay.

ABOUT L BRANDS:L Brands, through Victoria's Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, is an international company. The company operates 2,917 company-owned specialty stores in the United States, Canada and the United Kingdom and its brands are sold in about 600 franchised additional locations world-wide. The company's products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.

L Brands, Inc. cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or the March sales call involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," "planned," "potential" and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or the March sales call:

general economic conditions, consumer confidence, consumer spending patterns and market disruptions including severe weather conditions, natural disasters, health hazards, terrorist activities, financial crises, political crises or other major events, or the prospect of these events;

the seasonality of our business;

the dependence on a high volume of mall traffic and the availability of suitable store locations on appropriate terms;

our ability to grow through new store openings and existing store remodels and expansions;

our failure to maintain the security of customer, associate, supplier or company information;

our failure to comply with regulatory requirements;

tax matters; and

legal and compliance matters.

We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release or the March sales call to reflect circumstances existing after the date of this report or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in "Item 1A. Risk Factors" in our 2013 Annual Report on Form 10-K.

L BRANDSMARCH 2014

Comparable Store Sales Increase (Decrease):

March

2014

March

2013

Year

To Date

2014

Year

To Date

2013

Victoria's Secret1

(1%)

2%

0%

3%

Bath & Body Works1

(2%)

4%

0%

2%

L Brands

(1%)

3%

0%

3%

Victoria's Secret

Direct Sales

1%

(9%)

1%

(7%)

1 – Results include company-owned stores in the United States and Canada.